In a small saucepan, heat the olive oil over medium heat.  Add the Panko and stir until coated. Continue to mix while it cooks, and remove from heat and set aside when the Panko starts to turn brown.

Preheat oven to 350 F degrees.  Spray a 3 qt baking dish with nonstick cooking spray and set aside.  Boil water in a large pot and start to cook pasta, just until el dente. Drain and set pasta aside, drizzle with a bit of olive oil and mix, to prevent sticking.

Add butter to a large skillet over medium heat. Add diced jalapeños and onion, mix with a wooden spoon, and cook for 2 minutes.  Add minced garlic and continue stirring while it cooks for another minute.

Add the flour and mix to combine.  Continue to mix and cook for another 2 minutes.  Set the wooden spoon aside and get a whisk. Pour in the half and half cream and the milk, and whisk to combine until blended.  Continue cooking for 3-4 minutes.

Add in cubed cream cheese and stir until melted.  

Add in some of the mozzarella (reserving a bit for later as topping), and the Velveeta. Stir until melted and combined.  Then add in the salt and black pepper, and stir.  If the sauce is getting too thick at this time, add in a splash of milk and stir.

Add cooked pasta, to the cheese sauce.  Then add most of the bacon (again reserving a bit for later as topping). Stir it all together.

Pour the mixture into the prepared baking dish.  Top with reserved mozzarella and bacon.  Then sprinkle the top with the toasted panko. Bake uncovered for 15 minutes.

Serve hot and enjoy!